Pyramis Global Advisors December 31, 2008 - Fidelity

1 Research ExcellenceAt Pyramis , the cornerstone of our investment philosophy is the belief that through in-depth fundamental analysis of companies, we are able to identify securities that may outperform the market. The application of this philosophy seeks to provide Pyramis clients a distinct advantage. Our Global research resources include seasoned, sector-focused fundamental analysts covering industry sectors across and Global markets as well as quantitative and technical portfolio managers and analysts. Portfolio managers can take advantage of the best stock-picking ideas from our sector teams who rely on Pyramis analyst research and may access the published research notes of the more than 410 analysts across the entire Fidelity * Due to rounding, total may not add up to 100% of total Source for asset and client data: Pyramis Global Advisors as of December 31, 2008.

2 All currency in Includes Active, Core and Index Lifecycle, and Strategic Balanced Includes real estate debt and REIT investment strategies and domestic, international and sector market neutral Includes FIL retail accounts, insurance accounts, high net worth, VEBAs, LLCs and Reflects combined resources of Pyramis , Fidelity Investments, and FIL as of December 31, Global Advisors , a Fidelity Investments company, was formed to deliver asset management products and services designed to meet the needs of institutional market investors around the world. We are a multiclass asset manager with extensive experience managing investments for and serving the needs of the world s largest corporate and public defined benefit and defined contribution plans, endowments and foundations, insurance companies, and financial institutions.

3 We offer both traditional long-only and alternative equity; as well as fixed income and real estate debt and REIT investment strategies. While the Pyramis organization was formed in 2005, Fidelity has been managing money for institutions for more than 25 Under Management ($120 Billion*)1 Clients by Type (797 Clients)1 Pyramis Global Advisors December 31, 2008 Investment Process and PlatformPyramis has a fully integrated, comprehensive approach to investment management including: Experienced portfolio management team comprising sector and diversified portfolio managers. Independent, diversified sources of alpha developed by rigorous and disciplined fundamental and quantitative research.

4 Proprietary portfolio risk management platform with robust investment processes, and oversight. Dedicated equity trading operation built on leading-edge technology and providing Global GroupFundamentalFidelity Global Research PlatformPyramis Global Sector TeamsQuantitativePyramis Quantitative PlatformTechnicalPyramis Technical ResearchOtherExternal ResearchGlobal Research ResourcesNumber of Pyramis Investment ProfessionalsTradersResearch AnalystsPortfolio ManagersDecember 2008 December 2007 July 2005 Smithfield, Toronto, London, Hong KongBostonBoston, SmithfieldTotal: 15198458 Total: 9644547 Total: 6713234050100150 For Institutional Investment Professional Use Only Int l/ Global Equity: $ Fixed Income: $ Equity: $ Asset Allocation: $ Alternatives: $ Defined Benefit Plans.

5 311 Defined Contribution Plans: 226 Sub-Advised and Other Clients: 2354 Endowments and Foundations: 25 12/2/09 4:13:37 EquityCoreConcentrated Large Cap Core130/30 Large Cap CoreLarge Cap CoreQuantitative Large Cap CoreDiversified Large Cap CoreMid Cap CoreSmall/Mid Cap CoreConcentrated Small Cap CoreSmall Cap CoreBroad MarketTotal MarketValueLarge Cap ValueDiversified Large Cap ValueMid Cap ValueSmall/Mid Cap ValueGrowthLarge Cap GrowthEarnings GrowthDiversified Large Cap GrowthMid Cap GrowthSmall/Mid Cap GrowthInt l/ Global EquityCoreSelect InternationalSelect GlobalSelect Global Small CapSelect International Small CapSelect JapanSelect EuropeSelect Pacific BasinCore All Country World Excluding International Small CapConcentrated All Country WorldCo ncentrated All Country World Excluding Global

6 Small CapEmerging Markets EquityGrowthInternational Growth-EAFEI nternational Growth-Pac BasinInternational Growth-JapanInternational Growth-EuropeValueInternational ValueFixed IncomeCoreBroad Market DurationCore PlusTargeted DurationUltra ShortShort DurationIntermediate DurationLong DurationSector StrategiesHigh Yield BondMortgage-Backed SecuritiesTreasury Inflation-Protected SecuritiesEmerging Markets DebtLiability Driven InvestingAsset AllocationLifecycle PortfoliosActive LifecycleCore LifecycleIndex LifecycleStrategic BalancedTactical Asset AllocationCustom SolutionsLong/Short, Market NeutralDomesticInternationalSectorReal Estate* REITsGlobal REITsHigh Yield CMBSP roven Strength Across a Broad Range of StrategiesA World-Class OrganizationWith over 1,1516 employees, Pyramis offers clients the experience of today s leading investment management professionals.

7 Pyramis headquarters is located in Smithfield, RI, , with additional offices in Boston, London, Hong Kong, and Toronto. Together, Pyramis and Fidelity resources comprise one of the largest proprietary research platforms in the world with more than 520 research professionals in 13 locations around the 6 As of December 31, 2008, 449 employees at Pyramis Global Advisors and 702 employees at Fidelity Investments Canada, ULC, part of the business unit of Reflects combined resources of Pyramis , Fidelity Investments, and FIL as of December 31, Uebelein, CFAP resident and Chief Executive OfficerYoung ChinChief Investment OfficerPatrick Mc NelisExecutive Vice President, Global Distribution and Client Service900 Salem Street, Smithfield.

8 RI 02917 Information presented herein is for discussion and illustrative purposes only and is not an offer nor a solicitation to buy or sell and securities or services. Past performance is no guarantee of future promotions contained in this material are directed only at certain high net worth companies and investment professionals as defined under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 ( investment professionals ). The rules under the Financial Services and Markets Act 2000 to protect retail clients do not apply to this financial promotion. This material must not be distributed to, acted on or relied upon by persons who are not investment Institutional Investment Professional Use ManagementContact us at 800-343-8736 or Smithfield, RI Toronto London Hong KongSydneyParisFrankfurtMilanMumbaiSeoul TokyoSingapore* Pyramis excludes the management of real estate from its definition of the Firm for purposes of the Firm s compliance with Global Investment Performance Standards (GIPS).

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